EPMB group chief executive officer Ahmad Razlan Mohamed
KUALA LUMPUR: EP Manufacturing Bhd
(EPMB) will continue to strengthen its core business segments and at the same time, focus on new market opportunities which is expected to contribute positively to the result of the group in 2023.
EPMB, in a filing with Bursa Malaysia, said the production at the new plant begins in the third quarter of 2023, and the estimated production capacity is more than 100,000 sets of car seats per annum.
The car seats will be manufactured by its wholly owned subsidiary, EP Polymers (M) Sdn Bhd. The output from the new plant is expected to contribute towards the group’s sales and bottom line in the upcoming years.
EPMB’s wholly-owned subsidiary of the Company, Peps-JV (Melaka) Sdn Bhd (PJVM), had received conditional approval from the Ministry of Investment, Trade and Industry Malaysia in respect of PJVM’s application for a Manufacturing License under the Industrial Co-ordination Act 1975.
The license will allow PJVM to undertake the activity of manufacture and assembly of energy efficient vehicles (EEVs) electric passenger vehicles (EVs) and electric commercial Vehicles, subject to the conditions to be fulfilled within six months from the letter of approval.
In the second quarter ended June 30, EPMB reported a net profit of RM13.3mil, or earnings per share of 6.19 sen compared with a net loss of RM1.7mil, or loss per share of 0.87 a year ago.
During the quarter, EPMB booked an RM13.6mil disposal gain from the divestment of properties belonging to the group in Glenmarie, Shah Alam.
Its revenue rose 28.1% year-on-year to RM137.86mil from RM107.6mil in the year-ago period.
“We are pleased to report another quarter of sustained momentum in our business, as the group reported higher revenue of RM137.86mil as compared to RM107.63 mil in the proceeding year’s corresponding quarter.
“The revenue higher by RM30.23 mil was mainly due to increase in sales of automotive parts which resulted from high backlogged orders for new vehicles,” group chief executive officer Ahmad Razlan Mohamed said in a separate statement.
